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SEOUL - South Korean biotech company Dx&Vx (DXVX) announced on Wednesday it has entered into a co-development and licensing agreement valued at approximately $220 million with an unnamed U.S. biotech company for its mRNA-based cancer vaccine.
The deal marks Dx&Vx’s first global out-licensing agreement since its establishment. Under the terms, Dx&Vx will grant exclusive global rights to its patented mRNA-based cancer vaccine while retaining responsibility for research and development activities, including preclinical studies, clinical trials, and production.
The U.S. partner will handle global regulatory approvals and sales operations. The agreement includes development milestone payments totaling $220 million, with additional sales-based milestone payments exceeding 10% of cumulative sales over more than 15 years following commercialization.
According to the press release statement, Dx&Vx projects that post-commercialization sales milestone revenues could reach over $940 million, based on market size estimates and expected market share.
The licensed vaccine has reportedly demonstrated superior anticancer efficacy in preclinical animal studies compared to competitors currently in Phase 2b trials. The candidate utilizes Dx&Vx’s proprietary long-term ambient storage mRNA vaccine platform technology.
Kevin Kwon, CEO of Dx&Vx, said the agreement was reached after the companies first met at the JP Morgan Healthcare Conference and Biotech Showcase in January.
Dx&Vx’s largest shareholder is Chong-Yoon Lim, Chairman of COREE and eldest son of the founder of Hanmi Pharmaceutical Group. The company is reportedly in licensing discussions with other pharmaceutical and biotech companies for additional pipeline assets.
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